Bennett R. Driggers, Sr. Attorney At Law

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Map & Directions116 Jefferson St S Ste 209Huntsville, AL 35801 Write a Review

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Phone: (256) 536-7046

Address: 116 Jefferson St S Ste 209, Huntsville, AL 35801

Bennett R. Driggers, Sr. Attorney At Law

Criminal Law

Criminal Defense

Business and Corporate Law

Business Disputes

Health Law

Personal Injury

Trusts and Estates

Estate Planning
Wills

Finance Law

Bankruptcy
In a bankruptcy case under chapter 7, you file a petition asking the court to discharge your debts. The basic idea in a chapter 7 bankruptcy is to wipe out or discharge your debts in exchange for your giving up property except for exempt property which the law allows you to keep. In most cases, all of your property will be exempt. But property which is not exempt is sold, with the money distributed to the creditors. If you want to keep property like a home or a car and are behind on the payments, a chapter 7 case probably will not be the right choice for you. That is because chapter 7 bankruptcy does not eliminate the right of mortgage holders or car loan creditors to take your property to cover your debt. In a chapter 13 debt consolidation, you file a plan showing how you will pay off some of your past due and current debts over three to five years. The most important thing about a chapter 13 case is that it will allow you to keep valuable property—especially your home and car—which might otherwise be lost, if you can make the payments which the bankruptcy law requires to be made to your creditors. In most cases, you will be required to make your regular monthly mortgage payments, utility bills, grocery bill, etc. and have money left over to pay into the bankruptcy trustee.
Foreclosure
When you get behind on your house payments, your creditor, perhaps a mortgage company, savings and loan bank, credit union or even an individual, may foreclose on your property. The number of months you are behind may vary, but at some point in time the creditor may refuse monthly payments unless you pay all of the arrearage. If you cannot, the entire amount owed on the note may be accelerated and the full amount will be due at once, and your home posted for foreclosure. You should receive proper notice of the foreclosure, at least three (3) weeks prior to the actual sale of your home. At foreclosure, the property is sold to the highest bidder, usually the creditor itself. If your mortgage is guaranteed, such as a VA or FHA loan, the creditor will be paid off. The creditor, or its guarantor, will then sell the home and apply the proceeds against the costs of foreclosure, fix-up, resale and the balance of your mortgage. If the proceeds of this sale are equal to or more than this amount, you will have no further liability. If the proceeds of this sale are less than this amount, which is usually the case, there is a resulting deficiency. You are obligated to pay this deficiency. Like any other debt, the creditor can pursue whatever collection action it deems appropriate. The filing of a debt consolidation petition prior to the actual sale of your home may give you the opportunity to stop the foreclosure, keep your home and pay the arrearage over a reasonable period of time while continuing to make future mortgage payments. The mortgage holder can only continue with the foreclosure if it receives permission from the Court. In most instances, the Court will not allow the foreclosure to proceed if you are capable of making your current mortgage payments and catching up what you are behind within a reasonable period of time. If your mortgage payments are behind, you should immediately determine your debt consolidation options. Quick action can possibly avoid the foreclosure altogether allowing you to keep your home and avoiding expensive additional costs and fees.

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